Topline:
Mark Walter is officially the majority owner of the Los Angeles Lakers after the NBA's Board of Governors approved the sale of a majority stake in the team today.
Why it matters: The Lakers are the NBA's most valuable franchise, valued at $10 billion when the deal was first reported in June. It's the highest valuation ever set for a professional sports team. The sale also marks a major flashpoint in the Lakers history. The Buss family has owned the team since 1979, when Dr. Jerry Buss bought them (along with The Forum and the L.A. Kings) from Jack Kent Cooke.
The backstory: Mark Walter is a billionaire whose investment group, Guggenheim Partners, also owns majority stakes in the Los Angeles Dodgers and the Los Angeles Sparks of the WNBA. Since he took over the Dodgers in 2012, the team has made the playoffs 13 straight times, won five National League Championships and two World Series.
What's next: As far as Lakers fans are concerned? Hopefully a return to the NBA Finals. The team hasn't been there since it won it all in the COVID-shortened 2020 season. And the Buss family won't be completely out of the picture — Jeanie Buss will stay on as the Lakers governor for at least the next five years. She'll also continue to supervise the team's day-to-day operations for the foreseeable future.